Cars cost money - there's no way around it, but there are ways to minimise insurance costs. We listed some of the factors that can affect the cost of your insurance.
Your driving record
Your driving record and claims history all help to determine your risk level and therefore how much you will pay for your car insurance. If you have a good driving record your premiums may be less.
The type of car you are insuring
The make and model of your car will indicate to Insurers the repair and replacement costs i.e. how they will fare in a collision and what it might cost to replace them. Also, if you drive an economical car packed with safety features you may qualify for a range of discounts.
Where you live
If you live in an area with a high incidence of accidents, theft and/or vandalism you will generally pay more for their insurance. Park your car in a secure area, ideally off the street and under cover.
Elect to increase your excess
If you choose to assume greater risk youíll likely pay less for your insurance. Consider increasing your excess to save money on your insurance premium. If you are a safe and confident driver, you may be able to afford more risk.
Restrict other drivers
If you elect to restrict younger drivers from driving your car, you may receive a reduced premium. Younger drivers (under 25 years) are considered more likely to make a claim, so if you can declare that your driverís seat is a juvenile-free zone, you may get a better premium from your insurer.
Compare policies and insurers, you'll be surprised what you may save. In a recent comparison of quotes, based on the same insurance information, we found a difference of more than $300 for an annual, adult driver comprehensive policy. So, like any investment, it's well worth your time to shop around.
Pay your premium in an annual lump sum
Some companies will charge you additional fees if you select to pay by the month either by loading the premium or changing additional fees. Pay annually may reduce the overall cost considerably.
Keep your car in good condition
Visit your mechanic regularly to maintain the condition of your car and protect it from any deterioration that could depreciate the value of the vehicle and potentially affect a claim.
Your insurance policy is not likely to cover you for mechanical faults or tyre damage resulting from old age or neglect. Coverage may be lost altogether if your car is deemed unroadworthy.
Bundle insurance types together
Bundling your car insurance with your other insurance policies such as home and contents insurance may get you an additional discount.
Fit your car with safety features
Install an alarm or immobiliser and you may get a discount with some funds.
Use iSelect's car insurance comparison tool to find a deal that's right for you.